The US presidential candidate from the Democratic party announced plans for the development of cryptocurrencies in case of victory

Judy Rubio

Representative of the Democratic party Andrew young, who will participate in the presidential race in 2020, announced his intentions to form a national system for regulating the crypto industry.

Andrew Yang's stance

According to the democrat, several countries in the world have already developed the rules, ahead of the United States. If America does not hurry, it will have to follow the regulations of other countries.

Yang said that the development of the cryptocurrency market created a reaction of the authorities. To date, no federal regulatory framework has been created, which has led to a confrontation between the interests of various services. Cryptographic currencies are considered as property, securities, or goods, and they are not often perceived as a means of payment.

Yang believes that the current regulation at the level of administrative offices is burdensome for the sphere as a whole. For example, the introduction of BitLicense in new York negatively affects the US market for crypto assets.

According to the representative of the democratic party the following should be done:

  • Legislatively clarify the situation on the market of cryptocurrency
  • Determine the definition of token
  • Provide protection for users of cryptographic currencies
  • Form a Ministry of technology
  • Grant Federal agencies the right to regulate the market
  • Indicate in which situations the token acts as a security
  • Clarify the fiscal consequences of owning, selling, and trading crypto assets

Andrew Yang is confident that congressional hearings on Facebook's Libra cryptocurrency have shown that lawmakers lack basic information about distributed ledger technology, cryptographic currencies, and other knowledge in the field of digital money. The presidential candidate initiates the revival of the congressional office of technology assessment, which ceased to exist in 1995. It is noteworthy that Mr. Yang collects donations for his campaign in the fight for the presidency in Bitcoin through the Lightning Network.

The article "Regulation of cryptocurrency in the United States" deals with the laws regarding digital money in America. Companies whose services are associated with cryptocurrencies in the United States are experiencing various difficulties. Let's look at some of them.

Crypto Capital founder charged with Bank fraud

Oz Yosef, the founder of Crypto Capital, is accused of bank fraud. Recall that his company is involved in the case of the crypto exchange Bitfinex against the state of New York. The relevant charges were brought by the Prosecutor's office of the southern district of the state. Mr. Yosef is accused of conspiring to provide money transfer services without a license.

The documents also mention reports that the founder of Crypto Capital told a person (not specifically named) to transfer $ 10 million to a Bahamian Bank from a Manhattan account.

Now Mr. Yosef is obliged to transfer the assets designated by the Prosecutor's office and related to the charges. These include funds from Global Trade Solutions and Reginald Fowler, who is the head of Crypto Capital.

Following an international investigation, Crypto Capital accounts were frozen in the spring. At that time, there were 880 million dollars on them, which belong to Bitfinex. The head of Crypto Capital was extradited to Poland, where he faced charges of laundering 390 million dollars.

Zuckerberg announced that Facebook is ready to exit Libra Association when launching the project ahead of schedule

Facebook will withdraw from participating in Libra Association if the cryptocurrency is launched without the consent of regulators. Such a loud statement was made by Mark Zuckerberg during a hearing in the US Congress. They lasted many hours. During the hearing, Zuckerberg answered many questions from authorities. The head of the world's largest social network was asked questions about Libra, the use of the platform for foreign interference in American elections, and the leak of users ' personal data.

Regarding Libra, the head of Facebook confirmed his promises that his company will not launch a cryptocurrency until American regulators provide the appropriate permission. Zuckerberg made a loud statement, "If we don't get a permit in the end, we'll just leave the Association."

The consequences of this statement for the social network can be very profound. Libra will be able to provide users with the ability to directly collaborate with advertisers. As a result, the company's revenues will increase.

Zuckerberg tried to protect Libra. He called the cryptocurrency an important achievement for the financial services industry. At the same time, the owner of the social network reported a fair concern that Facebook will be at the head of the initiative. Zuckerberg said, "I believe that Libra should be created. Of course, at the moment I am not the ideal guide for these ideas. In recent years, we have faced many difficulties. I'm sure that those present want someone else to make similar offers, but not Facebook."

According to Zuckerberg, the clients of his social network are still billions of people. They believe that the platform remains a great solution for sharing content with friends (photos, music, messages, services). Facebook has not lost their trust.

The parliamentarians asked Zuckerberg questions about political censorship and encryption. They criticized the social network for not using the existing infrastructure enough to support users who do not have access to banking services. Some senators praised Zuckerberg, for example, for comparing him to President Donald trump and the fact that the head of the social network considers himself a "capitalist".

A positive perception of cryptocurrencies opens up wide opportunities for digital money. In case of victory of Andrew Yang's election to the presidency of the digital coin receives strong support. In this situation, the rate of digital coins will increase significantly. If you are thinking about investing, create your cryptocurrency portfolio. It will probably allow you to get a good profit in the future.